KQ hires American firm to advise on Sh60bn capital injection plan

Kenya Airways (KQ) has signed up a New-York based advisory firm to restructure its balance sheet and help it seek approximately Sh60 billion in long-term capital refinancing. KQ has appointed PJT Partners as its transaction advisers, giving them the mandate of streamlining its books ahead of a debt and equity injection [...]

TransCentury says it will settle Sh8bn bond debt before March 25

Investment firm TransCentury says it will reach a settlement with the Sh8 billion bondholders before the March 25 maturity date. The Nairobi Securities Exchange (NSE)-listed firm in a statement Monday ruled out chances that it will default on the huge debt, but fell short of revealing details of how it will settle the convertible bond it took in June 2011 [...]

Atlas in Sh500m share sale to fund Ethiopia glass factory

Atlas Development & Support Services (ADSS) is set to raise $5 million (Sh505 million) by selling new shares to investors. The company, which is dual listed on the London Stock Exchange and Nairobi Securities Exchange, says it will use the money to conduct a feasibility study for a glass manufacturing plant in Ethiopia [...]

KCB South Sudan staff go on strike over demand for salary increase

The operations of KCB Group in South Sudan Monday ground to a halt after the lender’s staff went on strike demanding higher pay to compensate for a currency devaluation that shaved off workers’ take home packages. KCB Group says the higher pay demand came after South Sudan abandoned its fixed exchange rate system in December [...]

Jubilee Insurance eyes bank customers in deal with DTB

Diamond Trust Bank will host Jubilee Insurance staff in its branches in a partnership that seeks to increase the uptake of life insurance among the bank’s customers. Kenya will be the second country in Africa, following South Africa, to adopt the specialist referral model of bancassurance. Life insurance penetration is below one per cent in Kenya [...]

Treasury targets more income tax payers in June amendment Bill

The Treasury is drafting amendments to the Income Tax Act that could expand the tax net to rope in more people. Treasury Secretary Henry Rotich on Monday declined to reveal key amendments in the draft Bill, saying it would amount to pre-empting the budget which is set to be read out to Parliament in June [...]

Authority audits institutions over unclaimed assets

UFAA chief executive Kellen Kariuki said the authority is focussing on cases of inconsistencies between the reported unclaimed assets and the financials of the reporting firms rather than carrying out blanket audits [...]

CMA puts brakes on property crowd-funding plan

The first crowd-funding project in the country has been frozen by a month after the Capital Markets Authority (CMA) demanded that its promoters file regulatory requirements. Propertyzote Crowdfund Limited had planned to commence raising funds next month for real estate projects but was forced to move the plans to April after the CMA demanded they file a prospectus with it [...]

Ratings agency Moody’s maintains stable outlook for Kenya

Ratings agency Moody’s has maintained a stable outlook on Kenya, citing buoyant infrastructure-driven growth and declining fiscal and current account deficits [...]